New Economy vs. Old Economy, Temperature Difference Seen Through PMI

50 is the threshold between expansion and contraction (as of August 2026)

High-tech manufacturing52.9

Equipment manufacturing51.4

Consumer goods manufacturing49.0

Construction46.9

New EconomyA-share net profit contribution +3.45%p (IT/Media/Telecom)

Old EconomyA-share net profit contribution -1.23%p (Consumer Staples)

Policy fundsTechnology relending quota 800 billion → 1.2 trillion yuan